Palmer Company has budgeted sales revenues as follows: June July August Credit sales $35,000 $30,000 $28,000 Cash sales Total sales $53,000 $81,000 $67,000 18,000 51,000 39,000 Past experience indicates that 60% of the credit sales will be collected in the month of sale and the remaining 40% will be collected in the following month. Purchases of inventory are all on credit and 50% is paid in the month of purchase and 50% in the month following purchase. Budgeted inventory purchases are June $65,000 July August21,000 53,000 Other budgeted cash disbursements: (a) selling and administrative expenses of $7,000 each month, (b) dividends of $19,000 will be paid in July, and (c) purchase of a computer in August for $6,000 cash The company wishes to maintain a minimum cash balance of $10,000 at the end of each month. The company borrows money from the bank at 996 interest, if necessary, to maintain the minimum cash balance. Borrowed money is repaid in months when there is an excess cash balance. The beginning cash balance on July 1 was $10,000. Assume that borrowed money in this case is for one month